Hangzhou Municipal Government completed the acquisition of a 10% stake in Bank of Hangzhou, a China-based regional commercial bank, from Commonwealth Bank of Australia, a retail bank, for $1.3bn. "CBA is pleased to have played a meaningful role in HZB’s development since our original investment in 2005. Our collaboration has seen HZB become a significant player in retail, wealth management and commercial banking across the Yangtze Delta region. The reallocation of part of our shareholding to local partners will support the further expansion of HZB," Matt Comyn, CBA CEO.